BI Optimistic That Indonesia's Economy 2023 Grows 5.3 Percent

JAKARTA - Bank Indonesia (BI) remains optimistic that Indonesia's economic growth in 2023 will be estimated in the range of 4.5 percent to 5.3 percent.

BI Governor Perry Warjiyo said Indonesia's economic growth remained strong supported by domestic demand. Reflecting on the economic performance in the third quarter of 2023, it grew by 4.94 percent (yoy), supported by strong household consumption and increased investment amid the decline in government consumption and export performance.

Growth is also supported by positive performance for most Business Fields (LU), especially LU Industri Pengolahan, Trade Besar and Retail, as well as Construction.

"Spatially, all regions still grow strongly, the highest in the Sulawesi-Maluku-Papua (Sulampua) region," he explained at the Press Conference on the Results of the Board of Governors' Meeting (RDG), Thursday, November 23.

Perry said that economic growth is expected to remain good in the fourth quarter of 2023, as reflected in several indicators such as consumer confidence, income expectations, and Manufacturing Purchasing Managers' Index (PMI).

In addition, economic growth in 2024 is predicted to increase driven by good consumer confidence, positive influence on the implementation of elections, and continued development of National Strategic Projects (PSN).

"Bank Indonesia will continue to strengthen the synergy of the Government's fiscal stimulus with a macroprudential stimulus of Bank Indonesia to encourage economic growth, especially in terms of demand," he said.